SoundHound AI (NASDAQ:SOUN) Trading 0.5% Higher – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded up 0.5% during trading on Monday . The company traded as high as $8.87 and last traded at $8.29. 35,778,664 shares were traded during mid-day trading, an increase of 2% from the average session volume of 35,061,660 shares. The stock had previously closed at $8.25.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Barclays restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush reaffirmed an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. Northland Securities boosted their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Finally, HC Wainwright increased their target price on SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $7.64.

SoundHound AI Stock Performance

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market cap of $2.91 billion, a price-to-earnings ratio of -21.67 and a beta of 2.71. The stock has a 50 day simple moving average of $5.63 and a 200 day simple moving average of $5.07.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. The company had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. SoundHound AI’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter last year, the company earned ($0.09) earnings per share. As a group, analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In other news, CFO Nitesh Sharan sold 39,728 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $193,872.64. Following the completion of the sale, the chief financial officer now owns 1,560,411 shares of the company’s stock, valued at approximately $7,614,805.68. The trade was a 2.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Timothy Stonehocker sold 20,337 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $99,244.56. Following the completion of the transaction, the chief technology officer now owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. This trade represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 337,275 shares of company stock valued at $1,811,044. 12.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Kings Path Partners LLC acquired a new stake in SoundHound AI during the second quarter worth about $28,000. NBC Securities Inc. boosted its stake in SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after purchasing an additional 3,818 shares in the last quarter. International Assets Investment Management LLC acquired a new position in SoundHound AI during the second quarter worth about $31,000. Farther Finance Advisors LLC raised its holdings in shares of SoundHound AI by 298.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after purchasing an additional 6,716 shares in the last quarter. Finally, Amalgamated Bank increased its holdings in shares of SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after buying an additional 5,099 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

About SoundHound AI

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.